Ethereum, Litecoin and Bitcoin Analysis

Ethereum, Litecoin and Bitcoin Analysis

Introduction

Jim Fredrickson

Jim has an MBA from the University of Southern California. He has had a long career in both Corporate Finance and IT. Along the way he discovered that trading was a vehicle with great promise, but struggled for a long time without a mentor. After having been knocked down many times and having struggled to get back up, he had an epiphany and realized that geometry was a solution. He shares his experience here.
If you do well as a result of suggestions made here, feel free to say thank you :)
BTC: 1FUq3GB1Q8zz2JpuBr7YHzVBKnaWoxgmya
Follow him on Twitter (@jimfred1276) or email him at jimfred1276 at gmail.

Sometimes it seems like reading charts is like tracking the weather. It seems much easier to track the course of a hurricane than it is to predict when one will start, when it’s quiet outside. Likewise, sideways movement is challenging not just because it’s so easy to lose money trading it, but because it’s hard to know which of the myriads of S/R will finally kick something off.

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Ethereum

In our last update, we forecasted that ETH would likely begin a rally, and indeed that has happened. There is multiple resistance at lower levels of course, but the longer-term forecast is for ETH to go to the mid-$60s.

ETHXBT

ETHXBT has rallied after clearing a second arc, as discussed in our last column. However, it is now sitting at resistance again. ETH seems highly likely to rally further, but XBT is the wildcard. We will look at Bitcoin shortly, but the spoiler is I would not hold this position right now, personally.

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Litecoin

It was not all that surprising that litecoin found resistance where it did, but I was a bit surprised that it fell as hard as it did. I am still holding this asset, as it seems to still want to go up. But if $10 breaks, I fear that $8 could be in the cards.

Bitcoin

As I have mentioned in the past 2 columns, Bitcoin is traversing an arc pair on the daily charts. It will soon hit the 2nd of the arc pair. I have been short-term bearish, but the asset has not fallen. I have given up my bearishness and taken a more neutral position. When the next arc is touched we will see what the market does. We won’t have to wait much longer.

Remember: The author is a trader who is subject to all manner of error in judgment. Do your own research, and be prepared to take full responsibility for your own trades.

Jim Fredrickson

Jim has an MBA from the University of Southern California. He has had a long career in both Corporate Finance and IT. Along the way he discovered that trading was a vehicle with great promise, but struggled for a long time without a mentor. After having been knocked down many times and having struggled to get back up, he had an epiphany and realized that geometry was a solution. He shares his experience here.
If you do well as a result of suggestions made here, feel free to say thank you :)
BTC: 1FUq3GB1Q8zz2JpuBr7YHzVBKnaWoxgmya
Follow him on Twitter (@jimfred1276) or email him at jimfred1276 at gmail.

Posted on 4:44 pm April 19, 2017.

Posted on 12:20 am April 20, 2017.

Hi, my prediction for BTC is 1327.43 at some point within 9 days I have a chart but cant upload it . sorry. (ps im new to trading so don’t be tooooo hard on me if my prediction goes against me. love the blog. Sean.

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